An agent will step in once the company has tried and failed to collect the debt themselves
Agents will buy the debt to recoup a portion of the money or they will get a percentage of the amount collected
Collection agencies are often called third-party debt collectors that focus on debt recovery
As a debt collection agent, you need to be empathetic and able to communicate well.
An agent’s activities include:
For the protection of customers and to make the debt collection process fair, both agents and consumers need to understand their rights and obligations as well as the regulations governing debt collection agencies. These are similar in most EU countries and the UK. Some examples include:
There is advanced debt collection agency software available that uses conversational AI messaging via multiple channels to engage with customers. This conversational approach allows debt collection agents to have two-way interactions with customers that are less aggressive, more supportive and more effective at producing results than one-way demand correspondence methods.
With the right conversational messaging software, an agent can go from closing 60 conversations a day to over 300, which is a huge win for collection agent efficiency.
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